Ameren (AEE) is facing a favorable regulatory position and forecasted growth appears fairly priced in stock value, resulting in limited near-term upward revision catalysts, RBC Capital Markets said in a note emailed Tuesday.

RBC's model assumes Ameren gains from 1 gigawatt of expected data center load in Missouri, adding 20 to 40 cents to annual EPS as load ramps in phases starting late 2026, according to the note.

However, RBC said it couldn't independently verify the ramp-up timeline via Missouri air permit filings and sees limited near-term upside.

Missouri's regulatory outlook has improved, citing Senate Bill 4, which expands the Plant in Service Accounting mechanism and reduces lag, according to RBC.

In Illinois, RBC said it expects current returns to hold through 2027, with potential upside from changes in future rate plans.

Ameren Transmission Company of Illinois was highlighted as a key long-term growth driver, with a projected 20% rate base compound annual growth rate through 2029, the investment firm said.

RBC began coverage for Ameren with a sector perform rating and a $119 price target.

Price: 104.18, Change: -0.63, Percent Change: -0.60